Birmingham, Mich.-based Commercial Finance Advisors has closed three separate loans for one borrower totaling $1.7 million in commercial mortgage debt. The three loans are secured by long-term triple net leased, fast food restaurant tenants – a Kentucky Fried Chicken in Alabama, and two Captain D's, one in South Carolina and one in Texas.
The refinance results in a substantial cashflow savings of over 20% for the owner and extends the fixed period to 10 years (amortized over 25 years), according to the company. The loan-to-value was 60% on all three locations with a combined debt coverage ratio of 1.38. The interest rate is 7.4%.
